Home Banking & Finance People’s United posts record quarterly net income

People’s United posts record quarterly net income

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People’s United Financial Inc. reported record quarterly net income of $90.8 million for the third quarter, compared with $73.7 million for the year-ago third quarter and $69.3 million for the second quarter of 2017.

People's United Included in this quarter’s results were merger-related expenses of $3 million ($2 million after-tax), most of which were related to the bank’s acquisition of Philadelphia’s Leaf Commercial Capital. That number compared to $3.1 million ($2.1 million after-tax) for the year-ago third quarter and $24.8 million ($16.8 million after-tax) for the second quarter of 2017.

Net interest income for the just-completed quarter was $284.6 million, up from the previous quarter’s $274.9 million.

The Bridgeport bank’s board of directors declared a 17.25 cents per common share quarterly dividend payable Nov. 15 to shareholders of record on Nov. 1.

On the commercial side, loans totaled $23.5 billion at Sept. 30, an increase of $719 million from June 30. Average commercial loans totaled $23.1 billion in the third quarter, up $577 million from the second quarter.

Residential mortgage loans totaled $6.8 billion at Sept. 30, an increase of $93 million from June 30. Home equity loans totaled $2 billion at Sept. 30, down $36 million from June 30.

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